Index Futures Net Changes and Settlements:
Foreign Markets, Fair Value and Volume:
- In Asia 6 out of 11 markets closed lower: Shanghai Composite -0.92%, Hang Seng -1.11%, Nikkei -0.16%
*As of 7:00 a.m. CST
Today’s Economic Calendar:
Today’s economic calendar includes Neel Kashkari Speaks 10:20 AM ET, TD Ameritrade IMX 12:30 PM ET, Jerome Powell Speaks 1:00 PM ET, and Consumer Credit 3:00 PM ET.
S&P 500 Futures: #ES Up 100 Handles In Two Days
The S&P 500 futures (ESZ19:CME) rallied 98.75 handles from Thursday’s 2855.00 low to Friday’s high. During Thursday nights Globex session, the futures printed a low at 2896.75 right before the release of the jobs number, and the high at 2921.25 was printed right after.
I could do a big blow by blow of the days trade, but why? After a rally up to the 2934.00 area at 9:00 CT, the ES sold off down to 2920.50 at 9:47, rallied up to 2938.50 at 10:51, then back and filled for a few hours. The futures shot up to 2953.50 at 2:56 when the MiM went from $200 million to sell, to $1.5 billion to buy, then back down to $500 million to buy.
The ES went on to trade 2951.50 on the 3:00 cash close, and settled at 2951.00 on the 3:15 futures close, up +39.25 handles, or +1.35 % on the day.
In the end, what can I say? Or, for that matter, what can anyone say? The decline and rally are both part of the overall pattern of selling off, getting people short (negative), and then reversing. I will say one thing, the 100 handle rally in 2 days is pretty astonishing, but not necessarily out of the realm of how things work.
In terms of the days overall trade, 2 million mini S&P 500 futures contracts traded Thursday, and only 1.5 million traded on Friday.
MEJT Stock Market Forecast